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This document has been prepared using information which is confidential and proprietary to The National Westminster Bank plc (“we”, “us” and “our”). This document and any dispute arising under or in connection therewith is to be governed by and construed in accordance with English law.

This document is being issued to you (the “Recipient” or “you” or “your”) by Hermes Investment Management Limited (“Hermes”) solely in connection with your potential investment in a direct lending fund being established by Hermes (the “Specified Purpose”).

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This document is provided to you on the basis that you understand that National Westminster Bank plc is not providing you with any "investment advice" within the meaning of Article 53 of the FSMA 2000 (Regulated Activities) Order 2001 and as a result, National Westminster Bank plc is under no obligation to assess the suitability of the information provided in light of your knowledge and experience, financial situation and/or investment objectives. A consequence of the above is that National Westminster Bank plc will not provide you with advice on the merits of buying, selling, subscribing for or underwriting (or exercising rights to acquire, dispose of or underwrite) any particular investment instrument. As such, you acknowledge that you are capable of interpreting the information provided in this document and using that information to take decisions as regards the merits of investing in particular investment instruments.

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The Royal Bank of Scotland plc. Registered in Scotland No 90312. Registered Office: 36 St Andrew Square, Edinburgh EH2 2YB. Authorised by the Prudential Regulation Authority (the “PRA”) and regulated by the Financial Conduct Authority ( the “FCA”) and the PRA. National Westminster Bank Plc. Registered in England and Wales No 929027. Registered Office: 250 Bishopsgate London EC2M 4AA. Authorised by the PRA and regulated by the FCA and PRA. The Royal Bank of Scotland plc is authorised to act as agent for National Westminster Bank Plc.

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Patrick Marshall

Head of Private Debt and CLOs

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Patrick joined Hermes in June 2015 to launch and manage the Hermes Direct Lending Strategy, which invests in senior loans to UK and European mid-market businesses. He was previously Head of Direct Lending in London at Tikehau Capital, and Partner at WCAS Fraser Sullivan Investment Management, where he established the firm’s European loan business. Prior to that, Patrick managed loan portfolios in excess of $4bn and $10bn as managing director at the Lehman Brothers Estate and head of European and Asian loan portfolio management and restructuring at Lehman Brothers respectively. He has a Bachelor of Commerce in Business Administration and French from the University of Edinburgh.

Laura Vaughan

CFA, Head of Direct Lending

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Laura joined Hermes in November 2015, when the private debt platform was being established. Her role has developed from analysing potential fund investments into a multi-faceted role, which includes managing the Direct Lending team, as well as analysing potential fund investments. Laura joined from GE Capital, where she was an associate in its mid-market leveraged finance execution team. At GE, Laura focused on arranging financings for European private equity-backed acquisitions funded through senior, second lien, mezzanine and unitranche facilities. Prior to this, Laura worked for three years at Bank of Tokyo-Mitsubishi in its acquisition finance team in London, focusing on opportunities in European large-cap leveraged finance transactions and on portfolio management. Her previous role was at Allied Irish Bank in Dublin in its Corporate Banking North America division, in which she analysed US large-cap and middle-market leveraged finance transactions, and performed portfolio management functions. Laura has an Economics degree from University College Dublin. She is a CFA charterholder.